Celebrity beauty licensing company Boldface Group completed a second closing of its private placement financing of 12% secured convertible notes, with a group of accredited investors. Aegis Capital Corp. acted as the sole placement agent.
The aggregate principal amount is $1,130,000, as well as 5-year warrants to purchase 4,520,000 shares of the Company's common stock. The Notes will mature on November 28th, 2013, are convertible into shares of common stock at any time prior to maturity at $0.25 per share, subject to a one-time reset.
"We are pleased at the confidence our investors are showing in our company now that we have started to penetrate the market in a major way. This financing furthers our mission to create long lasting brands with international reach," said Nicole Ostoya, the CEO and president, Boldface.
Boldface has also named a new 4th board member, Patrick Collins.
"Mr. Collins will add depth and experience to Boldface, as we enter an exciting new stage of growth and development. The board addition represents an important step as we execute our business model," said Ostoya.